Supply and Demand quiz

More questions about Supply and Demand

These visible examples show the question style. LearnClash turns the full topic into ranked duels and spaced repetition.

1. 1 Easy

   Which price bubble came first?

   Answer: Tulip mania

   Why: At the February 1637 peak, some single tulip bulbs sold for more than ten times a skilled craftsman's yearly income.

2. 2 Medium

   Which staple did Hunan's poorest eat less of once it got cheaper?

   Answer: Rice

   Why: Cheaper rice freed money for tastier food like seafood, so the families ended up eating fewer calories overall.

3. 3 Hard

   By how much did rent control make San Francisco landlords cut rentals?

   Answer: 15%

   Why: Landlords sold to owner-occupiers or redeveloped, and the lost rentals likely pushed up the city's market rents.

4. 4 Easy

   Which law says farmers plant more of a crop when its price rises?

   Answer: Law of supply

   Why: Supply can lag the price, though: a newly planted coffee tree needs about 3 to 4 years to bear fruit.

5. 5 Medium

   What Latin phrase means 'all else being equal'?

   Answer: Ceteris paribus

   Why: Without it, rising incomes could make people buy more even as prices climb, hiding the law of demand.

6. 6 Hard

   How is a tax's real burden split between buyers and sellers?

   Answer: By price elasticity

   Why: Whichever side can less easily walk away carries more of it: when demand is less elastic than supply, buyers pay most.